VANGATAN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VANGATAN
Largest movements
- Stocks and contracts +€99,677
up €99,677 (+28.5%), from €349,771 to €449,448
- Receivables within one year +€47,612
up €47,612 (+34.5%), from €138,069 to €185,681
of which Trade receivables: +€87,380
- Tangible fixed assets +€21,435
up €21,435 (+44.7%), from €48,002 to €69,437
of which Other tangible fixed assets: +€18,910
- Trade debts +€112,820
up €112,820 (+62.8%), from €179,626 to €292,446
- Profit (loss) carried forward +€41,439
up €41,439 (+13.3%), from €312,266 to €353,705
- Current portion of long-term debt +€12,477
new in 2025: €12,477
- Gross operating margin +€13,364
up €13,364 (+6.0%), from €222,122 to €235,485
- Staff costs +€4,142
up €4,142 (+12.6%), from €32,754 to €36,896
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €578,302 | €746,680 | +€168,378 | +29.1% |
| Fixed assets | 21/28 | €48,002 | €69,437 | +€21,435 | +44.7% |
| Tangible fixed assets | 22/27 | €48,002 | €69,437 | +€21,435 | +44.7% |
| Plant, machinery and equipment | 23 | €850 | €4,152 | +€3,302 | +388% |
| Furniture and vehicles | 24 | €1,095 | €318 | -€777 | -71.0% |
| Other tangible fixed assets | 26 | €46,057 | €64,967 | +€18,910 | +41.1% |
| Current assets | 29/58 | €530,300 | €677,243 | +€146,943 | +27.7% |
| Stocks and contracts in progress | 3 | €349,771 | €449,448 | +€99,677 | +28.5% |
| Stocks | 30/36 | €349,771 | €449,448 | +€99,677 | +28.5% |
| Amounts receivable within one year | 40/41 | €138,069 | €185,681 | +€47,612 | +34.5% |
| Trade receivables | 40 | €4,701 | €92,081 | +€87,380 | +1,859% |
| Other amounts receivable | 41 | €133,368 | €93,600 | -€39,768 | -29.8% |
| Cash at bank and in hand | 54/58 | €39,112 | €39,097 | -€14 | 0.0% |
| Deferred charges and accrued income | 490/1 | €3,349 | €3,017 | -€332 | -9.9% |
| Total equity and liabilities | 10/49 | €578,302 | €746,680 | +€168,378 | +29.1% |
| Equity | 10/15 | €318,466 | €359,905 | +€41,439 | +13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €312,266 | €353,705 | +€41,439 | +13.3% |
| Amounts payable | 17/49 | €259,836 | €386,775 | +€126,939 | +48.9% |
| Amounts payable after more than one year | 17 | €43,857 | €48,418 | +€4,560 | +10.4% |
| Financial debts | 170/4 | €43,857 | €48,418 | +€4,560 | +10.4% |
| Amounts payable within one year | 42/48 | €215,979 | €338,358 | +€122,379 | +56.7% |
| Current portion of amounts payable after more than one year | 42 | - | €12,477 | +€12,477 | |
| Financial debts | 43 | €20,580 | €23,117 | +€2,537 | +12.3% |
| Credit institutions | 430/8 | €20,580 | €23,117 | +€2,537 | +12.3% |
| Trade debts | 44 | €179,626 | €292,446 | +€112,820 | +62.8% |
| Suppliers | 440/4 | €179,626 | €292,446 | +€112,820 | +62.8% |
| Taxes, remuneration and social security | 45 | €15,773 | €10,317 | -€5,456 | -34.6% |
| Taxes | 450/3 | €12,671 | €7,314 | -€5,357 | -42.3% |
| Remuneration and social security | 454/9 | €3,102 | €3,004 | -€99 | -3.2% |
| Remuneration, social security and pensions | 62 | €32,754 | €36,896 | +€4,142 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,628 | €7,510 | +€1,881 | +33.4% |
| Other operating charges | 640/8 | €759 | €1,645 | +€886 | +117% |
| Gross operating margin | 9900 | €222,122 | €235,485 | +€13,364 | +6.0% |
| Operating profit (loss) | 9901 | €182,981 | €189,435 | +€6,454 | +3.5% |
| Financial income | 75/76B | €10 | €341 | +€331 | +3,442% |
| Recurring financial income | 75 | €10 | €341 | +€331 | +3,442% |
| Financial charges | 65/66B | €7,165 | €8,095 | +€930 | +13.0% |
| Recurring financial charges | 65 | €7,165 | €8,095 | +€930 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €175,825 | €181,680 | +€5,855 | +3.3% |
| Income taxes | 67/77 | €38,760 | €40,241 | +€1,481 | +3.8% |
| Profit (loss) for the period | 9904 | €137,065 | €141,439 | +€4,374 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €137,065 | €141,439 | +€4,374 | +3.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.